MORTGAGE PURCHASE AGREEMENT
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1 MORTGAGE PURCHASE AGREEMENT THIS AGREEMENT is entered into this day of, 20, by and between ("Seller"), whose address is and the Industrial Commission of North Dakota, acting in its capacity as the North Dakota Housing Finance Agency ( NDHFA ), whose address is 1500 East Capitol Avenue, Bismarck, North Dakota RECITATIONS WHEREAS, Seller wishes to sell and NDHFA wishes to buy certain mortgage loans; and WHEREAS, Seller and NDHFA wish to set forth the requirements and procedures for the sale and transfer of certain mortgage loans to NDHFA; and WHEREAS, Seller and NDHFA are legally authorized to execute this Agreement; Seller and NDHFA mutually agree as follows: AGREEMENT 1. This Agreement shall govern the sale and transfer by Seller to NDHFA of Eligible Mortgage Loans that are offered for sale by Seller and accepted by NDHFA, except as may be amended from time to time by written notice to Seller. Seller may, at Seller's sole option, from time to time, offer Eligible Mortgage Loans to NDHFA and NDHFA may, in NDHFA's sole discretion, purchase such loans offered by Seller. The sale of Eligible Mortgage Loans pursuant to this Agreement shall be evidenced by Seller's endorsement of the note evidencing each Eligible Mortgage Loan sold to NDHFA and an assignment to NDHFA of the Mortgage. Seller shall deliver to NDHFA a recorded assignment of the Mortgage within thirty (30) days of the date of such endorsement and assignment. 2. The following terms shall have the following definitions: A. "Commitment" shall mean a written commitment issued by the Agency to purchase a Mortgage Loan which is accepted by the Seller. Such commitment will set forth; (i) the purchase price for the Mortgage Loan; (ii) the interest rate; (iii) expiration date of such commitment; (iv) the servicing release premium; and, (v) any special conditions precedent to the Purchase. B. "Eligible Mortgage Loan" means any home mortgage loan, described in Exhibit A, as amended from time to time, evidenced by a note, and secured by a Mortgage,. C. "Mortgage" means an interest in real property created by a written instrument providing a Valid Lien on the Mortgaged Property. D. "Mortgage Instruments" means the original of a Mortgage and the original of the note secured by the Mortgage, together with all related applications, reports, guaranties or other documents and records pertaining to a Loan. E. "Mortgaged Property" means the real property described in a Mortgage which is given as the security for a Loan. F. "Mortgagor" means the person who gives a Mortgage. G. Valid Lien means the legally enforceable first or subsequent loan, as the case may be, of the respective Eligible Mortgage Loan set out in Exhibit A. 3. Seller agrees to submit such information as may be required by NDHFA to determine whether the Eligible Mortgage Loans offered for sale to NDHFA or purchased by NDHFA pursuant to this Agreement conform to the credit standards of NDHFA. Notwithstanding anything to the contrary contained in this Agreement, NDHFA shall have forty-five (45) days from the date of receipt of Mortgage Instruments to review all Mortgage Instruments and to accept or reject any loan or group of l
2 loans submitted for sale and purchase. NDHFA shall have complete discretion on whether to accept or reject loans submitted for sale and purchase and NDHFA's decision on that matter shall be final. In the event of a loan rejection, Seller may substitute another loan acceptable to NDHFA. 4. Seller and NDHFA agree that Seller is an independent contractor and shall in no event be considered an agent of NDHFA, and that this Agreement shall not be construed to create a partnership or joint venture between Seller and NDHFA. 5. Seller may offer to sell certain Eligible Mortgage Loans to NDHFA pursuant to the terms of this Agreement by delivering to NDHFA Mortgage Instruments, including endorsed notes. Upon receipt of Mortgage Instruments and acceptance of such offer by NDHFA, NDHFA shall deliver to Seller payment for each Loan in an amount equal to the remaining outstanding principal balance at the agreed upon price and service release premium plus accrued interest from the last date to which interest was paid. 6. Seller represents and warrants as to each Eligible Mortgage Loan that as of the date of delivery to NDHFA of the Mortgage Instruments: A. Seller has good and marketable record title to and is the sole owner of the Eligible Mortgage Loan. B. Seller is authorized to sell, assign and transfer the Eligible Mortgage Loan and the sale is in compliance with all applicable laws and regulations and the Seller is a lender within the meaning of N.D.C.C. Section C. All information in the Mortgage Instruments is complete and accurate and all payments due on the Eligible Mortgage Loan have been paid. D. Seller has endorsed the note evidencing the Loan to NDHFA. E. The note evidencing the Eligible Mortgage Loan and the Mortgage are valid and enforceable instruments, subject only to applicable anti-deficiency and bankruptcy statutes. F. The Mortgage is a Valid Lien, as defined in this Agreement, upon the Mortgage Property, subject only to the lien of taxes and assessments not delinquent at the date of the recording of the Mortgage or the date of purchase by NDHFA of the Eligible Mortgage Loan, provided that in the case of a Valid Lien that is a second lien, the Eligible Mortgage is also subject to the first lien mortgage. G. The terms of the note and Mortgage have not been modified, the Mortgagor has not been released in whole or in part (other than to the extent payments have been made pursuant to the Mortgage), and no part of the Mortgaged Property has been released, unless approved by NDHFA. H. There is in force with respect to the Mortgaged Property a hazard insurance policy, which provides at a minimum for fire and extended coverage in an amount not less than the outstanding principal balance of the Eligible Mortgage Loan or the full insurable value of the improvements, whichever is less; and if required by the Flood Disaster Protection Act of 1973, the National Flood Insurance Reform Act of 1994, or subsequently enacted state or federal laws, a flood insurance policy in an amount representing coverage not less than the lesser of (a) the outstanding principal balance, (b) the full insurable value, or (c) the maximum amount of insurance which is available under such Act. All such insurance policies contain a standard mortgage clause naming NDHFA as an additional insured mortgagee. I. If applicable, the annual private mortgage insurance premium or guarantee fee has been paid; all applicable federal and state statutes and regulations have been complied with; and nothing has been done or omitted to be done, the effect of which act or omission would be to invalidate
3 the contract of insurance. J. The Eligible Mortgage Loan has not been assigned or pledged as collateral by Seller for any loan or for any other purpose. K. The Eligible Mortgage Loan is in compliance with or is exempt from, applicable state or federal laws, regulations and other requirements pertaining to usury. L. The requirements of all applicable federal or state laws, rules or regulations, including consumer credit and truth-in-lending, have been complied with. M. The mortgaged property has not been damaged by fire, windstorm, or other casualty, and there are no other circumstances or conditions which would cause private institutional investors to regard the mortgage as an unacceptable investment, cause the mortgage to become delinquent, or adversely affect the value or marketability of the mortgaged property. N. No payment required under the Eligible Mortgage Loan has been delinquent during the twelve month period immediately preceding the date of NDHFA's purchase and the Eligible Mortgage Loan is current as of the date of NDHFA's purchase. O. In the event a Mortgagor is delinquent in the amount of 2 monthly payments at any time within the first twelve payments due NDHFA, Seller shall, upon request by NDHFA, repurchase the Eligible Mortgage Loan at a price equal to the unpaid principal balance plus accrued interest through the end of the month of repurchase, any escrow advances made by NDHFA, plus the net premium and service release premium paid to Seller for the loan. The loan shall be repurchased by Seller not later that ten (10) business days after the receipt of written demand to repurchase. P. All Mortgage Instruments submitted are genuine, and all other representations as to each Mortgage are true and correct and meet the requirements and specifications of all parts of this Agreement. 7. The representations and warranties contained in paragraph 6 and the representations otherwise contained in this Agreement are made for the benefit of NDHFA and its successors and assigns. If, as to any Eligible Mortgage Loan purchased by NDHFA, any of the representations and warranties contained in this Agreement are determined to be untrue, Seller shall, within 30 days after the date of a written request from NDHFA to Seller, repurchase such Eligible Mortgage Loan. Any repurchase of an Eligible Mortgage Loan required or permitted under the terms of this Agreement shall be made by paying NDHFA an amount equal to the aggregate of: (a) the unpaid principal balance, including any advances, (b) accrued interest from the last date to which interest was paid at the rate of the note and all accrued interest to the date of repurchase, and (c) the net premium and servicing release premium paid to Seller for the Eligible Mortgage Loan. In addition, Seller hereby agrees to indemnify NDHFA, its successor or assigns, and to hold them harmless against any loss, damage, penalties, fines, legal fees, court costs and all other similar expenses resulting from a breach of such representation and warranties. All such representations and warranties of Seller shall survive the full payment of any loan. 8. The lender shall indemnify and hold the NDHFA harmless for any loss, damage, and expenses that NDHFA may sustain as a result of a withdrawal, reduction, or denial of a claim filed against a policy of mortgage insurance/guarantee or demand by a mortgage insurer/guarantor for the return of all or part of the claim proceeds if such withdrawal, reduction, denial or demand is resulting from defect in the application for such mortgage insurance/guarantee or any defect in the origination of the Eligible Mortgage Loan. 9. Seller shall provide certified copies of relevant corporate resolutions, its bylaws, or other documents, acceptable to NDHFA, which evidence Seller's authority to execute this Agreement and to sell Eligible Mortgage Loans to NDHFA. 10. Unless otherwise agreed to, any notice, demand, or request arising under or required by this
4 Agreement shall be in writing and shall be delivered in person or by mail, postage prepaid, addressed to the party to whom such notice, demand or request is directed. For the purpose of this Agreement, NDHFA's address is the address specified above or such other address as BND may designate by written notice to Seller, and Seller's address is the address specified above or such other address as Seller may designate by written notice to NDHFA. 11. Except as to such matters which may be under the exclusive jurisdiction of Federal law and regulations, it is agreed that the laws of the State of North Dakota apply in all cases 12. This Agreement contains the entire agreement of the parties and, except as provided in Section 1, cannot be modified in any respect except by an amendment in writing signed by both parties. 13. The terms and provisions of this Agreement shall be binding upon the successors and assigns of the parties. 14. Seller warrants that Seller will not waive, modify, release or consent to postponement on the part of a Mortgagor of any term or provision of a Mortgage without the written consent of NDHFA. IN WITNESS WHEREOF, each party has caused this Agreement to be signed on its behalf by its duly authorized officials. Lender: By: Title: By: Title: The Industrial Commission of North Dakota: By: Executive Director/Director Financial Programs North Dakota Housing Finance Agency
5 Eligible Mortgage Loans Exhibit A Homeownership Division ND Roots Standard: Thirty year reduced fixed interest rate, established by Commitment. Must be a valid first lien. Loan Types include FHA, VA, PMI, RHS, & Uninsured Conventional (max. LTV 80%) loans. Loan must be non-assumable. Minimum homebuyer investment of $500 (non-ndhfa downpayment assistance permitted) ND Roots Start: Thirty year fixed interest rate, established by Commitment. Must be a valid first lien. Loan Types include FHA, VA, PMI, RHS, & Uninsured Conventional (max. LTV 80%) loans. Loan will be purchased at a three (3) percent premium. The three percent will be provided as a credit at loan closing to be used for the borrower s downpayment and closing costs. Loan must be non-assumable. Minimum homebuyer investment of $500 (other downpayment assistance not permitted). Eligibility: * Borrower must have lived outside of North Dakota for the 12-month period prior to establishing residency in North Dakota. One household member must work 20 hours per week. Borrower must sign an agreement to purchase or build a primary residence within 365 days of their employment in North Dakota. Household income cannot exceed 140% of the greater of the statewide or county median income. Current limits are posted on NDHFA s website. Borrower(s) must meet the standard credit underwriting criteria of Fannie Mae or Freddie Mac. *Certain program restrictions were suspended on July 29, Please consult Section 15 of the NDHFA Seller s Guide for current mortgagor eligibility requirements. Compliance Underwriting: NDHFA will review all loans for compliance prior to issuing a Commitment and loan closing. Loan Documentation: Documentation standards of the mortgage insurer/guarantor, or Fannie Mae/Freddie Mac in the case of uninsured loans, will apply. Private Mortgage Insured loans and uninsured loans must be credit underwritten using either Fannie Mae s Desktop Underwriter or Freddie Mac s Loan Prospector. Lender s Title Insurance is required.
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